New PPI?

MikMikandThriceMik
MikMikandThriceMik Posts: 60
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edited 5 October 2023 at 8:38AM in Reclaim PPI & other insurance
Is there a new PPI taking place, something about £2500 and the banks still having £18bn they are yet to give out.
I already got a refund. Any chance of getting another one?

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  • DullGreyGuy
    DullGreyGuy Posts: 9,202
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    edited 5 October 2023 at 9:36AM
    Is there a new PPI taking place, something about £2500 and the banks still having £18bn they are yet to give out.
    I already got a refund. Any chance of getting another one?

    You possibly mean in relation to the Plevin case? Which was compensation if commission for selling the PPI was over 50% (see https://www.financial-ombudsman.org.uk/businesses/complaints-deal/ppi/can-complain-commission-plevin-judgment)

    The deadline for that was 2019 so you are only 4 years too late.

    Alternatively you could mean reclaiming the tax on the interest component of any compensation if you earned less than £1,000 of interest that year. This is a claim from HMRC though not the bank and you're probably also too late for this.

    As to banks having money set aside that they are "yet to give out"... banks, insurers and anyone else required to hold capital will always have money set aside to deal with risk that an issue with prior activities is found and they are required to give redress. It will never go to £0 because there is always a risk. It doesn't mean that they are currently aware of any reason they may be required to give redress but the PRA require capital to cover highly unlikely events (for insurance its a 1 in 200 year event) and given the number of issues discovered over the last few decades it'd be a very brave actuary to try and argue there is no chance of their employer to have made some form of error. 
  • dunstonh
    dunstonh Posts: 115,739
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    Is there a new PPI taking place
    No

     something about £2500 and the banks still having £18bn they are yet to give out.

    Not all PPI complaints have been addressed yet.   So, the issue, whilst closed for new complaints, still has some time to play out.    Any figure is just guesswork based on what is known re case numbers.  Some firms will be ahead or others.  Some will be way behind.  Some will be complete.

    I already got a refund. Any chance of getting another one?
    Do you honestly believe the system would be that stupid and illogical?

    I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
  • The clue is in the username so at least 2 more refunds is the expected answer.
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